Rainbow Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at August 31, the end of the fiscal year, the following balances were taken from the ledger of Rainbow Services: Retained Earnings $930,000 Dividends 13,200 Fees Earned 523,500 Wages Expense 477,200 Rent Expense 71,000 Supplies Expense 11,440 Miscellaneous Expense 14,250 Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Rainbow Services Co. General Ledger ASSETS REVENUE 11 Cash 41 Fees Earned 12 Accounts Receivable 13 Prepaid Rent EXPENSES 14 Supplies 51 Wages Expense 52 Rent Expense LIABILITIES 53 Supplies Expense 21 Accounts Payable 54 Miscellaneous Expense 22 Wages Payable 23 Unearned Fees EQUITY 31 Common Stock 32 Retained Earnings 33 Dividends 34 Income Summary Journalize the four entries required to close the accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 Closing Entries 2 3 4 5 6 7 8 9 10 11 12